[For Information Purpose Only.
The Japanese language press release should be referred to as the original.]
July 16, 2020
To All Concerned Parties
Name of REIT Issuer:
Invincible Investment Corporation
Naoki Fukuda, Executive Director(Securities code: 8963)
Asset Manager:
Consonant Investment Management Co., Ltd.
Naoki Fukuda, President & CEO
Contact: Jun Komo
General Manager of Planning Department(Tel. +81-3-5411-2731)

Notice concerning Debt Financing (Refinance)
Invincible Investment Corporation (“INV”) has determined today to obtain new debt financing to refinanceexisting debt.

Details are as follows.

1. Reason for Borrowing
INV has decided and executed a new loan agreement (the "New Borrowing") today in order to repay
borrowings in the amount of JPY 1,600 million due on July 20, 2020, which is one of the tranches of theTerm Loan (E) (Note) with a total outstanding amount of JPY 3,300 million.
(Note)For details of the Term Loan (E), please refer to “4. Details of Loan to be Repaid” below and the press releases entitled“Notice concerning Loan Transfer and New Loan” dated July 15, 2016 and “Notice concerning Loan Transfer” dated
December 23, 2019.

2. Details of the New Borrowing (anticipated)< Term Loan (N) >2-Year Loan
(1) Lender:

The Tokyo Star Bank, Limited(2) Borrowing amount:JPY 600 million(3) Interest rate, etc.
(4) Borrowing method::

1-month JPY TIBOR (Base Rate) + spread (0.25000%)
Variable interest rate (Note)
Borrowing based on separate term loan agreement dated July 16,2020Unsecured / with no guarantee(5) Agreement date:July 16, 2020

(6) Anticipated borrowing date:July 20, 2020

(7) Interest payment date:(i) The last Japanese business day of each month before theprincipal maturity date, beginning with July 31, 2020, and (ii) theThis English language notice is a translation of the Japanese-language notice released on July 16, 2020 and was prepared solely for the convenience of, and reference by,non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers to undertake investment decisions based on their own
investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties or assurances aregiven regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In the event of any
discrepancy between this translation and the Japanese original, the latter shall prevail in all respects.

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principal maturity date
(8) Principal repayment method:

Lump-sum repayment on the principal maturity date

(9) Principal maturity date:July 20, 2022

(1) Lender:

Development Bank of Japan Inc.

(2) Borrowing amount:JPY 1,000 million< Term Loan (O) >1-Year Loan

(3) Interest rate, etc.
(4) Borrowing method::

1-month JPY TIBOR (Base Rate) + spread (0.25000%)
Variable interest rate (Note)
Borrowing based on separate term loan agreement dated July 16,2020Unsecured / with no guarantee(5) Agreement date:July 16, 2020

(6) Anticipated borrowing date:July 20, 2020

(7) Interest payment date:(i) The last Japanese business day of each month before theprincipal maturity date, beginning with July 31, 2020, and (ii) theprincipal maturity date

(8) Principal repayment method:

Lump-sum repayment on the principal maturity date(9) Principal maturity date:July 20, 2021

(Note)

・Base rate applicable to each interest calculation period for the interests to be paid on the relevant interest
payment date shall be the 1-month JPY TIBOR announced by Japanese Bankers Association two Japanesebusiness days prior to the immediately preceding interest payment date (in case of the initial interest
calculation period, two Japanese business days prior to the borrowing date).
・JPY TIBOR announced by the Japanese Bankers Association is available at its website(http://www.jbatibor.or.jp/english/).
・Details of our debt financing is available at the “Borrowings & Investment Corporation Bonds” page of INV’s
website (https://www.invincible-inv.co.jp/en/finance/loan.html).

3. Loan proceeds, use of proceeds and scheduled timing of disbursement(1) Loan proceeds
JPY 1,600 million(2) Use of proceeds
To be appropriated for the repayment of a tranche of Term Loan (E) due on July 20, 2020
(3) Scheduled timing of disbursement
July 20, 2020

This English language notice is a translation of the Japanese-language notice released on July 16, 2020 and was prepared solely for the convenience of, and reference by,non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers to undertake investment decisions based on their own
investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties or assurances aregiven regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In the event of any
discrepancy between this translation and the Japanese original, the latter shall prevail in all respects.

24. Details of Loan to be Repaid
Term Loan (E)Balance
Repayment
beforeAmount
Repayment(JPY million)(JPY million)

Balanceafter
Repayment(JPY million)

InterestRate(annual)Maturity
Date－

0.56091%(Note)

July 20,2020

0.66091%(Note)

July 20,
2021

LenderBorrowing
Date

The Tokyo Star Bank,
LimitedThe TOWA BANK, LTD.

July 20,
2016

1,600

The Tokyo Star Bank,
LimitedJuly 20,2016

1,700－

1,700

3,300

1,600

1,700

Total(Note)

1,600

Borrowing
MethodUnsecured/nonguaranteed

The interest rates applicable as of July 16, 2020 are shown.

5. Future outlook
The impact of the New Borrowing on financial results is minimal.

The forecasts of the financial results

and distribution for the fiscal period ending December 2020 (35th Fiscal Period: from July 1, 2020 toDecember 31, 2020) will be announced later, once they are finalized.
6. Other matters necessary for investors’ appropriate understanding/judgment of concerned information
With respect to the risks associated with the New Borrowing, please refer to the content of “Investment
Risks” stated in the securities report for the fiscal period ended December 2019 (from July 1, 2019 to
December 31, 2019) (available in Japanese only) filed on March 25, 2020.
Website of INV: https://www.invincible-inv.co.jp/en/

This English language notice is a translation of the Japanese-language notice released on July 16, 2020 and was prepared solely for the convenience of, and reference by,non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers to undertake investment decisions based on their own
investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties or assurances are
given regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In the event of any
discrepancy between this translation and the Japanese original, the latter shall prevail in all respects.

3[For reference only]■ Change in balance of interest-bearing liabilities (anticipated)(Unit：JPY million)

Total loans
Total investment
corporation bonds
Total interest-bearing liabilities
Total appraisal value of assets
owned by INV (Note 1)
LTV (based on appraisal value)(Note 2) (%)

Before the New Borrowing(As of July 16, 2020)
255,268

After the New Borrowing(As of July 20, 2020)
255,268

Increase(Decrease)－8,2008,200－

263,468

263,468－

588,036

588,036

－

44.7

44.7

－

(Note 1) Based on the 148 properties owned by INV as of July 16, 2020 (including preferred equity interest in the TMK which holds
Sheraton Grande Tokyo Bay Hotel and the overseas real estate assets (“The Westin Grand Cayman Seven Mile Beach Resort& Spa” and “Sunshine Suites Resort”)). The appraisal values for the 147 properties (excluding preferred equity interest inthe TMK) are based on figures stated in the appraisal reports on the valuation date of December 31, 2019. For the preferredequity interest in the TMK which holds Sheraton Grande Tokyo Bay Hotel as an underlying asset, the acquisition price (INV’sinvestment amount) of such preferred equity interest, JPY 17,845 million, is deemed as the appraisal value. For the appraisal
value of overseas real estate assets, the exchange rate of 1 USD = 110.45 JPY is used under the foreign exchange forward
entered into on July 26, 2018 and implemented on September 26, 2018.
(Note 2) “LTV (based on appraisal value)” in the above table is calculated according to the following formula:
LTV (based on appraisal value) ＝ Total interest-bearing liabilities (excluding short-term consumption tax loan) ÷
Total appraisal value of assets owned by INV × 100“Total interest-bearing liabilities” does not include the interest-bearing liabilities of the TMK which holds Sheraton GrandeTokyo Bay Hotel as an underlying asset.
(Note 3) The amounts are rounded down to the nearest million yen. The percentages are rounded to the nearest one decimal place.

■ Lender formation after the New Borrowing (anticipated)

This English language notice is a translation of the Japanese-language notice released on July 16, 2020 and was prepared solely for the convenience of, and reference by,
non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers to undertake investment decisions based on their own
investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties or assurances aregiven regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In the event of any
discrepancy between this translation and the Japanese original, the latter shall prevail in all respects.

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